October 30, 2007
Mixed news for Turkish property buyers
There is good news and bad news for those hoping to purchase a Turkish property in the not so distant future.
The good news comes in the form of a new mortgage service that has been introduced which will make the purchasing process of Turkish property easier. An agreement has been signed between the property agency, Turkish Homes, and UK overseas mortgage specialist, Conti Financial Services Ltd. The agreement will allow the company to assist buyers with obtaining mortgages for purchasing property in Turkey.
The amount of mortgage available to clients will be based on the buyer’s net earnings. Mortgages are available from 60-80 per cent of the value of the property. This depends on the location. The maximum term of the loan is up to 20 years. Interest rates begin at roughly 6.10 per cent for a Euro mortgage. This is assuming that potential buyers show up with a competitive offering.
This new mortgage scheme will make it easier than ever to buy a property in Turkey. “Over the years, we have taken many enquiries from people looking to acquire a mortgage to purchase property in Turkey,” says Clair Walker, a director of Turkish Homes. “Like many other agencies, we have noticed that this has had a minor impact on sales. “We are thrilled to be joining forces with Conti Financial Services, to offer potential clients the opportunity of owning a home, or investment property in Turkey.”
Overseas mortgages for Turkish properties have only been approved for foreign buyers early this year. It is expected that a bigger number of organizations will begin to offer similar products over the next few months.
Unfortunately, there is bad news. Turkey’s bumpy ride towards receiving EU accession has taken a negative turn again. Finland, currently holding the EU presidency, has given up on trying to find an agreement with Turkey regarding the opening of the country’s ports and resuming trade with Southern Cyprus. Turkey refuses to recognise Sounthern Cyprus as an EU member.
But things are not so hopeless. According to the EU, although this ongoing issue will slow the process, it has not yet closed the door completely to Turkey being part of the EU.
Posted on: Turkey
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